Raging Bullion: Is Gold a Good Investment?
Many Happy Returns
Is Gold Really a Reliable Inflation Hedge?
If equities give you crazily high returns, it immediately makes gold less attractive. I think that was pretty much a risk premium. And the model doesn't incorporate that. It's interesting because often you hear what really drives gold in the short term is fear and uncertainty. But if people are scared, then we run to the thing that's had value for 5,000 years or whatever.
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